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Firms & Funds

Advent International said it has opened an office in Bogotá, Colombia. The office will be Advent’s fourth in the region and its 18th worldwide.

Altus Capital announced that it closed its latest fund at $200 million. The Westport, Conn.-based lower mid-market firm had targeted $160 million for Altus Capital Partners II LP. Investors include large U.S. pension funds, fund of funds and other institutions.

BB&T Capital Partners, the lower middle market private equity firm, raised its second mezzanine fund and beat its target, reeling in $227 million. The firm will invest via subordinated debt and equity in middle market companies. The fund will also be structured as a small business investment company.

The Blackstone Group

may be seeking as much as $3 billion for its first energy fund, a Bloomberg report said, citing two people with knowledge of the matter. The target tops those for natural-resources funds in the works at KKR and Co. LP and Apollo Global Management, the report said, quoting its sources. Blackstone said it expects its latest real estate fund to raise more than $10 billion. The firm also closed on $2 billion for its next mezzanine fund and is on track to exceed $3.5 billion.

The Blackstone Group

posted a worse-than-expected quarterly loss as market declines hit the value of the private equity firm’s investments, forcing it to book a huge accounting loss. Its net loss, which measures operating performance, was $342 million, compared with a profit of $339 million a year earlier. Adjusted ENI was a loss of 31 cents per share, lagging analysts’ average estimate of a loss of 5 cents, according to Thomson Reuters I/B/E/S.

China Investment Corp. is pouring $1 billion into the Russia-China Investment Fund, a partnership with a Russian state vehicle, Reuters reported. The state-backed Russian Direct Investment Fund also will commit $1 billion to the venture. The fund would also seek outside investments that would be four times the original capital commitments of the two state investment funds, Reuters wrote. The fund will co-invest in private equity deals, and in deals that “will strengthen Russia-Chinese business relations,” Reuters wrote.

China Science and Merchants, an 11-year-old private equity player that has raised more than $2 billion and invested in more than 100 China-based startups, is targeting $1 billion for its newest fund. It has appointed EME Capital as its fundraising coordinator.

Clairvue Capital Partners has acquired a secondary interest in Buchanan Fund V from an unnamed institutional investor. Buchanan V is managed by Buchanan Street Partners, a real estate investment manager based in Newport Beach, Calif.

Duet Group, a global alternative asset manager, has integrated the TLG Capital team into Duet Africa Private Equity. The move will enhance key synergies that exist between the firms, leveraging regional experience and local presence from TLG Capital’s investment history.

Swedish private equity firm EQT has raised €4.75 billion ($6.5 billion) for its sixth fund, Reuters reported. EQT is backed by Sweden’s billionaire Wallenberg family, and the family fund Investor AB is the firm’s biggest investor, with a maximum commitment of up to €450 million, Reuters wrote.

F&C Investments has announced the first close of F&C Climate Opportunity Partners LP, a new private equity fund of funds focusing on a climate change investment theme. The fund has attracted €30 million ($41.2 million) from three institutional investors.

First Reserve Corp. is investing $100 million into a joint venture with Energy Corp. of America, focused on energy infrastructure in the Marcellus shale region, Reuters reported. First Reserve will hold a 50 percent stake in the two natural gas gathering systems in Pennsylvania. First Reserve is making the investment through its $1.2 billion infrastructure fund.

Kohlberg Kravis Roberts & Co. is placing an early bet on a slowdown in the Chinese economy, and plans to expand into Hong Kong in the next six to nine months with its $2 billion special situations unit, Reuters reported, citing a story in the Financial Times. The buyout group’s plans follow news that top TPG Capital dealmaker Weijian Shan has raised $875 million for a distressed asset fund to invest in Asia under his PAG group.

Macquarie Group and Indian lender State Bank of India are drawing up plans to raise $1 billion to $1.5 billion for their second fund to invest in infrastructure assets and companies in India, Reuters reported.

NB Private Equity Partners Ltd, a closed-end private equity investment company, has announced an updated net asset value. As of Sept. 30, the unaudited NAV per share was $10.55, which represents a decrease of 1.7 percent from to the unaudited restated NAV per share of $10.73 at Aug. 31.

Oaktree Capital Management has agreed to establish a joint venture with Everest Realty Management to form a tenants in common partnership. It will provide a varying range of short- and long-term solutions for clients with capital needs.

SL Capital Partners LLP, one of Europe’s most active private equity fund of fund managers has announced a partnership with the Oxford University Private Equity Institute at Saïd Business School, creating an additional research position at the institute: the SL Capital Partners Research Fellow.

Thoma Bravo is looking to raise $1.2 billion for Fund X, a source told peHub. A first close is expected in December when Thoma Bravo will likely have commitments for more than half of that total.

TPG Capital is preparing this month to launch a new $4 billion to $5 billion fund to invest in Asia, Reuters reported. TPG, a U.S.-based firm founded in 1992, currently invests into Asia from a $19.8 billion global fund raised in 2008, and its $4 billion regional fund TPG Capital Partners V, raised in the same year, Reuters wrote.